Russia, Magnitogorsk metallurgic plant MMK
The amount of dividends was recommended as 60% of the free cash flow taking into account the profit from the sale of the package of shares of Fortescue Metals Group.
In 2016 MMK shipped 473 thousand tons of metal products to the car manufacturing enterprises. This is by 12.6% higher than in 2015.
In the first quarter of 2017, steel production at the MMK group amounted to 3.066 million tons.
In March, according to the railway statistics, the direct supply of ferrous scrap metal to the Magnitogorsk metallurgical plant (MMK) amounted to 113.5 thousand tons.
In March of the current year, the rail dispatch of steel products of Magnitogorsk metallurgical plant (MMK) to Russian consumers and for export amounted to 0.9 million tons.
The net profit of MMK group under IAS in 2016 rose by 3.3 times against 2015 to 73.43 bln roubles, the company reports.
Closeness to final consumers in the markets of presence and the developed chain of supplies from the Russian assets provide a high loading of the company’s capacities.
MMK OJSC on the results of 2016 more than doubled its net profit under RAS against 2015. In 2016 MMK made a net profit of 67.968 bln roubles against 31 bln roubles in 2015.
In 2016, the net profit of the MMK Group under Russian Accounting Standards (RAS) increased 2.2 times and amounted to 67.9 billion rubles, the company reports.
An International rating agency Moody’s upgraded the rating of Magnitogorsk Metallurgical combine from “negative” to “stable”, they stated in the agency to “Urali